1. Sec. Vilsack announced major biofuel investments
Vilsack joined Senator Tammy Duckworth in East Central Illinois to announce hundreds of millions of dollars in new biofuel investments, funded through the just-enacted Inflation Reduction Act. Renewable Fuels Association Head, Geoff Cooper, said the spending on ethanol and other cleaner-burning biofuels is key during a period of high inflation.
“This is not the last time we will experience national average gasoline prices of around $5, or certainly, more than $4 per gallon. So, we know that one of the best hedges against that is blending more biofuels into our fuel supply, and specifically, ethanol, because it is lower costs, it is produced domestically, and we have an ample supply here,” said Cooper.
To read the full story, click HERE.
2. Scouts headed out for the Pro Farmer Crop Tour
Scouts began their journey last week across the Corn Belt to measure this year’s yield potential and drought impact.
On the third and final day, they headed to Iowa to collect boots-on-the-ground details on corn and soybeans.
Corn came in at 13.759 billion bushels and 168.1 bushels per acre, while soybeans came in at 4.535 billion bushels and 51.7 bushels per acre.
3. Producers saw relief in fertilizer prices
For the third week in a row, retail fertilizer prices were down, according to prices tracked by DTN. All eight of the major fertilizers were less expensive compared to a month ago.
The cost of anhydrous was down 7 percent compared to last month.
To read the full story, click HERE.
4. Freight costs are affecting Ukrainian grain shipments
A month has passed since the unblocking of three Ukrainian ports and the establishment of a safe corridor for maritime transport was signed. During this time, 33 ships and more than 630,000 tons of grain left the ports in convoys. Currently, there are about 40 applications for call at Ukrainian ports.
“The cost of freight and insurance are the hardest stumbling blocks in this direction. Although the rates are still very high, they have decreased slightly since the corridor is in place and working,” said Vatan.
To read the full story, click HERE.
5. NASA prioritized farmers to help support crop management
NASA has decided to team up with farmers to use satellite imagery and precision ag data to help support crop management. Specifically, they will be collecting soil moisture, weather, and biomass data for producers.
NASA’s Earth Sciences Director says she hopes the research can improve efficiency and increase crop production.
To read the full story, click HERE.
